According to the company’s website, demand for synthetic resins in China would rise by 5.4% year on year to 47.15m tonnes, while demand for synthetic fibres and their feedstock would increase by 6.2% year on year.

Demand for synthetic rubbers was expected to rise 6.5% year on year, according to Dai Houliang, senior vice president of Sinopec.

Dai was speaking at an annual work conference held on 23 December in Beijing by the firm’s parent company, China Petrochemical Corp (Sinopec Group).

Dai also said that China's chemical market in 2010 would face some challenges, such as intensified market competition, the rise of trade protectionism and overcapacity.

"The company should pay close attention to the market and organise the production according to the market needs in a bid to maximise profit," Dai said.